If you own a business, you likely have commercial insurance policies. Your commercial insurance policy will help protect you and your business from the unthinkable, and is one of the most responsible steps you can take as an owner.
However, with most aspects of your business,insurance is a cost. With any cost, you need to invest the time in ensuring that you are paying the best rate and saving the most money.
6 Ways To Reduce Your Commercial Insurance Cost
Many business owners are surprised to discover that they can save money on their commercial insurance costs. Follow these six steps, and discover how you can quickly raise your savings:
Tip #1: Find a broker who can come to your business, look around, and assess true risk. This can help you show your broker how you have mitigated risk in-person, and potentially reduce your costs.
Tip #2: Invest in simple security precautions for your property. One easy way to do this is to buy and install WiFi-enabled cameras on your property.
Tip #3: Review your current policy. Yes -it’s that easy, and far too many business owners skip this and end up paying way too much for their coverage.
Tip #4: Consider combining all of your policies under one broker. While you may pay a larger up-front premium, you will love the convenience of having everything under one roof. In most cases, you can save by bundling your policies together!
Tip #5: Switch your policies from monthly to annual -or vice versa. You may find that you can save on interest and any upfront costs on your premium payments. In general, always try to pay annually if you can.
Tip #6. Ask for discounts! It may seem strange, but always ask your broker for discounts. It never hurts to discover ways that you can save money on various aspects. If you aren’t the biggest client on your broker’s list, you may be missing out on potential savings.By following these six simple steps, you can unlock the savings you need to live more of your life now -and enjoy the benefits that come with a strategic corporate strategy!
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